Mortgage Rates Decline Again, 30-Yr Rate At 4.28%

By Michael Aneiro

Mortgage rates finally caught up last week with the recent decline in Treasury yields, as the average 30-year fixed-rate mortgage rate fell to 4.28% in the week ended today from 4.37% a week before, according to Freddie Mac’s (FMCC) latest weekly Primary Mortgage Market Survey, ending a three-week stretch in which mortgage rates had risen. A year ago that rate stood at just 3.52%. The average 15-year fixed-rate mortgage rate also edged lower to 3.32% from 3.39% a week earlier, up from 2.76% a year ago.

A similar 30-year mortgage rate measured by the Mortgage Bankers Association’s latest weekly survey slipped to 4.47% from 4.53% a week earlier. That survey also showed mortgage applications rose by 9.4% in the week.

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MARCH 6, 2014 4:12 P.M.

Tim wrote:

BofAML is still holding by their 3.75% year-end rate call on the 10-year US Treasury. That implies the 30 year mortgage rate may move up over 100 basis points from here by the end of the year. That surely would chill the housing recovery.